News and Tips for a Multilingual World, September 2005

www.mtmlinguasoft.com

Get ready and go global !

The potential of overseas markets – through exporting, importing or outsourcing – remains largely untapped, even among the world’s most prosperous nations. In the United States, for example, only 10 percent of all businesses export, and most export to only one country. Yet, 95 percent of the world’s population lives outside the United States. Thus, current exporters could reap higher profits simply by selling to additional countries.

Competing in the global marketplace can be intimidating and requires lots of careful preparation and due diligence. In today's global market, an increasing number of small and medium sizes businesses are turning to international trade and discovering vast potential for growth and profitability. It is not just for "multinational" companies already established around the world.

Actually, with the omnipresence of the Internet, it is an ideal time to pursue international sales to grow revenues and profit. But international sales are only one aspect of a successful export strategy. Global customers are the most demanding customers you will ever have so it is key to be well prepared throughout your supply chain and customer service operations.

The questions listed below will help you seriously consider the export decision and get ready to go global. [Source: Materials from the US Commercial Service].

Management Objectives

  • What are the company's reasons for pursuing export markets? Are they solid objectives (e.g. increasing sales volume or developing a broader, more stable customer base) or are they frivolous (e.g. an excuse to travel)?
  • How committed is top management to an export effort? Is exporting viewed as a quick fix for a slump in domestic dales? Will the company neglect its export customers if domestic sales pick up?
  • What are management's expectations for the export effort? How quickly does management expect export operations to become self-sustaining? What level of return on investment is expected from the export program?

    • Experience on the global marketplace

  • With what counties has business already been conducted, or from what countries have inquires already been received?
  • Are domestic customers buying the product for sale or shipment overseas? If so, to what countries?
  • Who are the main domestic and foreign competitors? What is their level of export sales?

    • Operations and back-office

  • What in-house international expertise does the company have?
  • Who will be responsible for the export department's organization and staff?
  • What structure should be put in place so that export sales are adequately serviced?
  • How much senior management time should be allocated and can be allocated?

    • Production capacity

  • How is the current production capacity? Are they fluctuations in the annual work load? When? Why?
  • Will filling export orders hurt domestic sales?
  • What is required to design and package products specifically for exports?

    • Financial capacity

  • What amount of capital can be committed to export production and marketing?
  • What level of export department operating costs can be supported?
  • By what date must an export effort pay for itself? Is there any other new business development effort that may compete with the export strategy?

    •  

    Dealing with language barriers
    in the workplace

    One of the biggest changes in the work force in the last 10 years is the influx of foreign-born workers. Employers are increasingly relying on immigrant employees to fill skilled and unskilled positions. The Nashville Chamber Employers Council reports that the multilingual, multicultural work force will soon be one of the greatest challenges companies face.
    Not dealing with language and cultural differences in the workplace can results in higher administrative and production costs. Here is a short overview of where these costs could come from:

  • Loss of time: when a supervisor takes three times longer to explain instructions, or when colleagues struggle with miscommunication and inadequate awareness of cultural differences,

  • Lower quality: when a job is done incorrectly because instructions and specifications were not understood,


  • Higher accidents or injuries: if employers cannot communicate safety precautions to employees,


  • Lower rate of promotion among immigrant workers: when efforts to improve their English language skills are insufficient or non-existing,


  • Higher absentee rate due to misunderstanding of medical benefits,


  • Impact on productivity of human resources personnel and potentially their morale if appropriate and language-specific tools are not provided to them,


    • Business should identify areas where language barriers are resulting in higher costs and work to match the best strategies for eliminating those barriers. Strategies include translating documents, providing interpreters for training and meetings, and improving workplace language skills.

     

    Useful links for exporters

    1. The Federation of International Trade Associations
    2. globalEDGE
    3. GlobeTrade.com
    4. International Trade Administration, US Department of Commerce
    5. MyExports
    6. Office of International Trade, U.S. Small Business Administration
    7. Organization for Economic Co-operation and Development
    8. Stat-USA / Internet
    9. The U.S. Commercial Service
    10. The U.S. Government Export Portal

     

    Where are the visitors of your website coming from?

    Your website manager probably owns and archives lots of data about the visitors to your website. But do you really know where they are coming from?


    Do you know the language they use to query the Internet? Do you know the continent or time zone from where they are surfing your site?

    Chances are this type of information is available and you just need to request meaningful reports in order to analyze new markets and respond adequately to international inquiries.

    Site Meter is a free, fast, and easy way to add a web counter to your web site. Not only does it displays the number of visitors, it also keeps statistics on where the visits come from ; reports displaying data organized by language, continents and time zones are available.

    Many other tools and utilities will provide similar information. Check with your webmaster !

     

    Mark your calendar!

    MTM LinguaSoft presenting

    "GLOBALIZING YOUR WEBSITE"

    International Business Seminar
    Organized by the World Trade Center of Delaware
    Thursday, November 3rd, 2005
    9:00 am - 12:00 pm

    The World Trade Center of Delaware and MTM LinguaSoft will provide a seminar to business executives, marketing managers, international business directors and IT personnel to understand how your website needs to address your strategic international business and marketing goals and meet with international market requirements.

    Topics include:

  • Global marketing strategy and how the Internet fits into that plan
  • Content selection
  • Website globalization process
  • Vendor selection
  • Multilingual search engine

    • Date: Thursday, November 3rd, 2005
    Time: 9:00 am- 12:00 pm, Morning Seminar


    Registration: Advance registration is required. Please register no later than Tuesday, November 1. Register Online (credit card) at World Trade Center of Delaware or call 302-656-7956 for more information
    Location: Small Business Development Center, One Innovation Way, Ste. 301, Newark DE 19711,(302) 831-1555

    For more information, visit